Virtual Power Plant Market size was valued at $762 million in 2016, and is expected to reach at $4,587 million by 2023, registering a CAGR of 25.9% from 2017 to 2023.
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Rise in demand for renewable energy in power generation sector, changes in dynamic of power grids from centralized to distributed, and moderating costs and easy accessibility of energy storage drive the growth of the virtual power plant market. Emerging shift towards electric vehicles and promotion of intelligent office buildings and smart grids, is expected to create opportunities in the market.
Key market players have adopted merger as their key strategy to widen their brand portfolios and expand their market reach.
The global Virtual Power Plant Market is segmented based on technology, end user, and geography.
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Based on technology, it is categorized into distribution generation, demand response, and mixed asset. Based on end user, it is divided into commercial, industrial, and residential.
By geography, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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